QS Energy Inc (OTCMKTS:QSEP) shares were up 0.14% to $0.0700 on Friday and were unchanged in after-hours trading. Share prices have been trading in a 52-week range of $0.03 to $0.19. The company has a market cap of $13.92 million at 199.05 million shares outstanding.
Formerly Save the World Air Inc, QS Energy Inc develops and commercializes energy efficiency technologies. As such, it provides the energy industry with industrial equipment that are designed to deliver measurable performance improvements to crude oil pipelines.
Its primary technology is called Applied Oil Technology (AOT), a commercial-grade crude oil pipeline transportation flow-assurance product. AOT is used to manage the energy efficiency of oil pipeline pump stations. The AOT product has transitioned from the research and development stage to initial commercial production for the midstream pipeline marketplace. QS Energy Pool, Inc., a subsidiary of the Company, serves as a vehicle for the Company to explore, review and consider acquisition opportunities.
In a press release, QS Energy Inc gave a shareholder update on the appointment of energy industry veteran Jason Lane as CEO and Chairman of the Board. The statement from Greggory M. Bigger, Chief Executive Officer and Chairman of QS Energy started off by saying that the company broadened the range of crude oil it can treat and increased its practical applications within the upstream and midstream sectors and that management believes that they can realize their goal of making a significant contribution to the energy industry’s relentless drive to more efficiently and cost-effectively transport crude oil to market.
To continue in our efforts to maximize the commercial potential of our patented technology and ensure the highest degree of shareholder value moving forward, we are transitioning to a new Chief Executive Officer and Chairman, and a new member of the Board of Directors, as part of our strategic succession plan,” he stated.
After an extensive review of candidates, Bigger announced that Jason Lane will be incoming CEO and Chairman of QS Energy. He has a strong track record in the industry, specifically in the acquisition, leasing and royalty management of oil and gas and mineral rights. He is CEO and founder of JBL Royalty Company, having produced substantial value for investors with his expertise in the areas of capitalization, procurement and management of energy-related partnerships and joint ventures.
I believe that in the months to come under Jason’s guidance and with the continued support of our loyal shareholders, the commercialization of AOT and its potential for widespread adoption throughout the energy industry will be fully explored. I’m personally delighted at this prospect and look forward to, as a fellow shareholder, this potential eventuality. My team and I have had the distinct pleasure in bringing this technology forward from lab to prototype testing in commercial installations. With this succession, I believe Jason Lane will bring additional capital, contacts and other capabilities that should accelerate the development and adoption of our technology portfolio by leading producers and transporters,” Bigger assured.
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